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Erusmus University Rotterdam *

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BM04

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Marketing

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Jun 10, 2024

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pdf

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CHAPTER 1 Market-Oriented Perspectives Underlie Successful ... Study online at https://quizlet.com/_40ttlk 1. 1. (p. 5) Which level of strategy provides direction on the company's mission, the kinds of businesses it should be in, and its growth policies? A. Business-level strategy B. Corporate strategy C. Marketing strategy D. Service strategy B 2. 2. (p. 6) What component of strategy involves detailing the desired levels of accomplishment on one or more performance dimensions over specified time periods for the organization as a whole? A. Scope of an organization B. Resource deployments C. Identifying a sustainable competitive advantage D. Goals and objectives of an organization D 3. 3. (p. 8) What question needs to be specifically addressed while developing a business strategy? A. What business are we in? B. What business should we be in? C. What portion of our total resources should we devote to each business to achieve overall goals and objectives? D. What distinctive competencies can give the business unit a competitive advantage? Nng lñc ·c biÇt D 4. 4. (p. 8) What is primary focus of marketing strategy? A. Decisions about the organization's scope and resource deployments across divisions B. Effective allocation and coordination of resources to meet organizational objectives within a specific prod- uct-market C. Addressing which competitive advantage best match- es the needs and wants of the customers in the target segment D. How a business unit competes within its industry B 5. 5. (p. 9) Which of the following falls within the scope of corporate strategy? B 1 / 68
CHAPTER 1 Market-Oriented Perspectives Underlie Successful ... Study online at https://quizlet.com/_40ttlk A. Target market definition B. Vertical integration C. Branding policies D. Line extension 6. 6. (p. 11) This observation concerning market-oriented firms is incorrect. A. They are characterized by a consistent focus on cus- tomers' needs by personnel in all departments B. They adapt product offerings to the special needs of different target markets C. They are slower and less willing to adapt products and functional programs to fit environmental changes D. They adopt a variety of organizational procedures to improve the responsiveness of decision making C 7. 7. (p. 14) Why are early entrants into newly emerging industries, particularly industries based on new technolo- gies, especially likely to be internally focused and not very market-oriented? A. Strong competition during the formative years B. Rapid growth in demand for the new product C. Customer demand less than available supply D. Resource constraints are rarely an immediate threat to survival B 8. 8. (p. 14) The tendency for firms to automatically continue strategies that were successful in the past, even though current market conditions are changing, is referred to as A. Marketing myopia B. Strategic inertia C. Cognitive dissonance D. Law of probability B 9. 9. (p. 15) Product-oriented firms A. Are primarily concerned with the marketing concept B. Are likely to be internally focused C. Have broad product lines D. Consider credit a customer service B 2 / 68
CHAPTER 1 Market-Oriented Perspectives Underlie Successful ... Study online at https://quizlet.com/_40ttlk Difficulty: Medium 10. 10. (p. 15) Which of the following approaches characterize a production-oriented organization? A. Pricing based on perceived benefits provided B. Applying new technology to satisfy customer needs C. Company makes what can be sold D. Primary focus on functional performance and cost Difficulty: Medium D 11. 11. (p. 15) What characterizes a market-oriented organi- zation? A. Narrow product lines B. Packaging designed for customer convenience C. Technical research and focus on cost cutting in the production process D. Emphasis on product features, quality, and price B 12. 12. (p. 17) Matrix Computer Inc.'s focus on large orga- nizational customers caused the company to devote too little effort to the fast growing segment of small technology start-ups. This example illustrates that the firm A. Was prone to strategic inertia B. Can be classified as a drifting organization C. Emphasized the usage of an adaptive strategic plan- ning process D. Implemented market-oriented concepts A 13. 13. (p. 18) Dell attempted to maintain its long-standing low-cost position by reducing the number of technicians in its customer call centers. As a result, increasing number of customers spent 30 minutes or more on hold before they found a technician to solve their problem. This affect- ed Dell's customer satisfaction rating in the United States and its sales and profit growth stagnated. This scenario highlights A. The increased importance of service A 3 / 68
CHAPTER 1 Market-Oriented Perspectives Underlie Successful ... Study online at https://quizlet.com/_40ttlk B. Strategic inertia C. The company's market-orientation focus D. The impact of information technology 14. 14. (p. 18) Identify the incorrect statement concerning services. A. Services are the fastest-growing sector of developed economies B. Good services improve customer loyalty over the long term C. Intangible nature of services creates unique chal- lenges for marketers D. Efficient services are always tied to a physical product D 15. 15. (p. 19) E-tailers such as Amazon and iTunes are examples of firms in this e-commerce category. A. Business-to-Business B. Consumer-to-Business C. Business-to-Consumer D. Consumer-to-Consumer C 16. 16. (p. 21) Marketers have identified 4Cs critical to a good strategic marketing plan. Which of the following is not one among them? A. Company B. Context C. Contacts D. Customers C 17. 17. (p. 23) A distinct subset of people with similar needs, circumstances, and characteristics that lead them to re- spond in a similar way to a particular product or service offering is known as a A. Market segment B. Target market C. Penetrated market D. Marketing mix A 18. 18. (p. 24) Which of the following is considered an im- portant tool for communicating and coordinating expec- B 4 / 68
CHAPTER 1 Market-Oriented Perspectives Underlie Successful ... Study online at https://quizlet.com/_40ttlk tations and responsibilities throughout the firm? A. Value statement B. Written marketing plan C. Detailed market analysis D. Positioning statement 19. 19. (p. 24) Which of the following is not part of a marketing plan? A. Guidelines for objectives B. Information about the external environment C. An assessment of future trends affecting the product D. Designation of resource allocations C 20. 20. (p. 15) Which of the following statements is consistent with the marketing orientation? A. Pricing is based on production and distribution costs B. Pricing is based on perceived benefits the product provides. C. Credit is a necessary evil. D. Promotion should emphasize product features B 21. 21. (p. 19) In terms of e-commerce, e-Bay is mostly an example of: A. Business to Consumer B. Consumer to Business C. Consumer to Consumer D. all of the above E. A. and C. above E 22. CHAPTER 2 Corporate Strat- egy Decisions and Their Market- ing ... 23. 1. (p. 34) What is not true of the criteria for defining a corporate mission? A. Basic customer needs tend to change over time, but products endure B. Many firms specify their domain in physical terms C. Statements focusing only on basic customer needs can A 5 / 68
CHAPTER 1 Market-Oriented Perspectives Underlie Successful ... Study online at https://quizlet.com/_40ttlk be too broad to provide clear guidance D. Statements that specify domains in physical terms can lead to slow reactions to customer demand changes 24. 2. (p. 34) The most useful mission statements focus on being A. Functional and broad B. Physical and specific C. Functional and specific D. Physical and broad C 25. 3. (p. 38) What is the expansion for the acronym SMART used in specifying corporate objectives? A. Specific, Measurable, Attainable, Relevant, and Time-bound B. Structured, Manageable, Acceptable, Related, and Theoretical C. Standardized, Manageable, Accountable, Relevant, and Targeted D. Structured, Marketable, Accountable, Reusable, and Targeted A 26. 4. (p. 39) The profitability criterion is measured in terms of which of the following indexes? A. Percentage change in sales B. Return on net assets C. Price/earnings ratio D. Percentage cost savings from new processes D 27. 5. (p. 38) In expressing corporate objectives aimed at en- hancing shareholder value, a firm combining its debt and market value of its stock, and then subtracting the capital invested in the company, is using the _____ approach. A. Return on capital B. Economies of scale C. Economic value added D. Cash conversion cycle C 28. 6. (p. 38) Standard accounting measures such as earn- ings per share or return on investment are A 6 / 68
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